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Steel maker Hòa Phát Group records 30-year highest quarterly profit

Update: July, 27/2020 - 08:53

 

A Hòa Phát facility in Hải Dương Province. In the first half of this year, the group provided 1.51 million tonnes of construction steel and high-quality rolled steel to the domestic and foreign markets. — VNA/VNS Photo Danh Lam

 HÀ NỘI — Hòa Phát Group (HPG), the largest steel maker in the country, reported its highest quarterly post-tax profit for 30 years of VNĐ2.75 trillion in the second quarter of this year, up 34 per cent year-on-year.

The company earned revenue of VNĐ20.7 trillion in the quarter, up 35 per cent year-on-year.

In the first six months, HPG achieved revenue of VNĐ40.14 trillion, post-tax profit of VNĐ5.1 trillion, up by 29 per cent and 31 per cent year-on-year, respectively.

With these results, the group has completed 47 per cent of its revenue plan and 56 per cent of its profit plan for this year. This result shows the intrinsic strength and adaptive flexibility of the Hòa Phát Group against the difficulties caused by the COVID-19 pandemic.

In the first half of this year, the group provided 1.51 million tonnes of construction steel and high-quality rolled steel to the domestic and foreign markets, up 12.4 per cent over the same period last year.

Exports of construction steel products in six months reached nearly 203,000 tonnes, up more than 67.3 per cent over the same period of 2019.

The total amount of steel billets produced in six months reached 2.6 million tonnes. In addition to serving the steel factories of the group, the amount of steel billets supplied to the market in the first six months was 831,000 tonnes, of which in June alone it reached 165,000 tonnes.

The group’s leaders said that from September this year, Hòa Phát will start supplying hot rolled steel coil (HRC) to the market, thereby helping domestic galvanised steel enterprises be proactive in exports without worrying about the origin of raw materials. — VNS

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